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Big exit for AddVenture, Guard Capital and Phenomen Ventures

0 17 June 2014

Russian funds AddVenture, Guard Capital and Phenomen Ventures have exited food delivery service Delivery Club. The 5-year old Russian startup was acquired by FoodPanda, an international food delivery service based in Germany and funded by Rocket Internet.

While the total value of the deal has not been officially disclosed, an inside source told Russian business daily Vedomosti that it was around $50 million. 

The sale was organised by AddVenture, which first backed the project in 2011 as leader of a $1 million round. In October 2012 a further $4 million were invested by AddVenture and Guard Capital, before Phenomen Ventures led an $8 million round in December 2013 in which AddVenture and Guard Capital also participated. 

According to AddVenture founder and managing partner Maksim Medvedev, the fund has made a "huge profit". He said that the fund had “bought itself” with the deal, suggesting that the fund has made in excess of $10 million. Guard Capital and Phenomen Ventures are yet to comment.

Delivery Club was founded in 2009 by bringing together more than 2,000 independent delivery services. It broke even within 2 years, and was turning over more than $11 million per month by December 2013. 

FoodPanda’s decision to purchase Delivery Club comes a year after the globaly-oriented project first tried to enter the Russian market. According to AddVenture’s Sergey Karpov it chose to acquire the Russian project after it failed to attract a significant market share in a sector dominated by Delivery Club. 

According to CrunchBase FoodPanda has received 'just' $48 million in investment, suggesting that the money to buy Delivery Club must have come from Rocket Internet, which launched the international food delivery project 2 years ago.

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